When should I hire a bookkeeper?

I'll admit that I'm biased and will tell you to hire a bookkeeper when you start your business. But, having been involved in many startups and young businesses I know that when there is no product or service backlog then cash is tight. The normal path is to just turn over all income and expenses to an accountant at the end of the year, ask a family member or friend to do the books, or buy QuickBooks and do them yourself.

Accountants normally don't do bookkeeping themselves. They have someone on staff or hire it out. In both cases they mark up what they're paying that additional person.

A family member or friend may do the books and enjoy it. Jackpot! You got lucky. However, the usual case is that they do it reluctantly for a short time just to get you started.

If you have time to do the books yourself then you aren't busy with your profession. Wouldn't the time be better spent networking, marketing, and selling your products and services?

Finally, almost anyone can mow their own lawn. But they choose to hire someone to do that because there are other hobbies, recreation, etc. they'd rather be doing.

There is no "correct" answer. It depends on your finances and available time. For a typical tradesperson two or three hours of their billable time will typically cover my monthly fee.

Schedule an Intro Call with me now if you'd like to discuss this...